Kuwait-Mubasher: Saudi Telecom Co. (STC) has raised its stake in Kuwait's telecom operator VIVA to 51.8% from 26%, as a total of 128.8 million shares were offered for sale in the Saudi telco’s bid at a total value of KWD 128.8 million ($426 million), according to a statement posted on the Kuwaiti bourse’s website.
STC’s buy offer period expired yesterday.
In November, STC submitted a voluntary tender offer to the Kuwaiti market regulator to acquire the remaining 74% stake in Viva in target.
VIVA operates with KWD 49.94 million in capital, and ranks second in Kuwait in number of customers that reached 2.4 million at the end of September 2015.
